“There is no evidence that the downward trend in month-on-month inflation rate is sustainable and would eventually manifest in a downward trend in headline inflation. More so, considering the various upside risks to price development from both the global and domestic economies, there is sufficient reason to be concerned about the continued uptick in inflation if we rest on our oars at this critical point.”
Browsing: ECONOMY
The NGX Insurance Index led the losers during the Sallah holiday-shortened week, falling by 1.32 per cent week-on-week.
They were joined in the meeting by the group managing director, Dangote Industries Limited, Olakunle Alake; the group executive director of commercial operations, Dangote Industries Limited, Fatima Dangote.
According to the latest data published by the Central Bank of Nigeria (CBN), the reserves now stand at $33.58 billion as of June 19, 2024.
“It is intended that this concessional finance window will be used to support climate finance transactions, in addition to other financing opportunities,” said Oramah, who was represented at the event by Afreximbank’s Director of Project and Asset-Based Finance, Helen Brume.
He now holds a 9.41% stake in the bank, after acquiring N18.9 billion worth of the group’s shares in the NGX today, June 20.
Just recently, African Export-Import Bank (Afreximbank) disbursed $40-million Intra-African Investment Facility to Fidelity Bank Nigeria Plc to support the bank’s acquisition and recapitalisation of Union Bank UK as part of its international expansion programme. Provided in two tranches of $20 million each, the first tranche of the facility enabled Fidelity to part-refinance the acquisition of 100 percent equity stake in Union Bank UK, while the second tranche was used to support its recapitalisation via the injection of additional equity into the acquired bank, as approved by the United Kingdom’s regulator.
According to the group’s annual report for FY 2024, Multichoice had a deposit of N33.7 billion (488 million South African Rands) with the bank as of the 2024 fiscal year end on March 31, 2024.
Without mentioning names, the businessman stated that foreign banks are not interested in helping Africa grow, explaining that indeed some of them clandestinely attempted to push the company into loan default during the COVID-19 pandemic.
“This combined total of $2.25 billion will offer essential financial and technical support as the government continues to address economic distortions.